US-based crypto buying and selling firm Cumberland has obtained an in-principle approval from the Financial Authority of Singapore (MAS) for the Main Fee Establishment (MPI) License.
The license would enable its Asian subsidiary, Cumberland SG, to supply regulated digital asset companies and develop its Asian foothold.
“We look ahead to increasing our presence on this necessary area, bringing our disciplined method to compliance, confirmed market experience and dedication to the digital asset ecosystem to counterparties in Singapore and past,” the agency wrote on X.
We’re happy to announce that Cumberland SG Pte. Ltd. has obtained in-principle approval for the Main Fee Establishment (MPI) License from the Financial Authority of Singapore (MAS). We look ahead to increasing our presence on this necessary area, bringing our disciplined… pic.twitter.com/G14XvB4VVg
— Cumberland (@CumberlandSays) March 18, 2025
The agency added that the in-principal nod for an MPI is a “robust sign” of confidence from Singapore’s regulator. Nevertheless, “it doesn’t represent a license at this stage,” Cumberland clarified.
Singapore’s Stringent Necessities Below MPI Framework
Jason Tay, Head of Business at StraitsX, instructed Cryptonews that Singapore has been lauded for its progressive and forward-thinking stance in the direction of digital belongings.
“Whether or not it’s the MPI license or the forthcoming stablecoin license, all companies looking for to function as reliable and recognised entities should endure the identical rigorous licensing course of,” he famous.
In response to a December examine by ApeX Protocol, the city-state has emerged as a world chief based mostly on blockchain patents, crypto exchanges and jobs.
Per the regulator’s necessities, crypto companies are topic to capital adequacy and anti-money laundering compliance earlier than working beneath the MPI.
US SEC Drops Cumberland’s Case
The US regulator has been just lately dropping all crypto firm-related instances that have been beneath gentle throughout Gensler’s regime. In October 2024, the US SEC charged crypto market maker Cumberland DRW for appearing as an unregistered supplier.
The company mentioned that Cumberland has acted as an unregistered agency since March 2018, involving within the buy-sell of cryptos.
Nevertheless, the SEC agreed to finish its authorized dispute with the agency early this month, although its finalization continues to be pending approval.
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